NY REAL ESTATE EXAM 2026/2027
WITH 100 QUESTIONS AND EXPERT-
VERIFIED CORRECT ANSWERS |
ALREADY GRADED A+ | NY REAL
ESTATE LATEST EXAM
An agent who has the authority to represent the principal in specific matters is a(n):
a. specific agent
b. general agent
c. unlimited agent
d. special agent - ANSWER--B: A general agent has specific authority in
representing owners.
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she
sells the
Property herself without involving Sun City, She will owe Sun City
a. Half of the commission.
,b. All of the commission.
c. No commission.
d. Only reimbursement for Sun City's expenses. - ANSWER-C: With the Exclusive
Agency the owner owes no commission.
15-When selling a property in New York, the Licensee is required to disclose to a
potential
Buyer that
a. There is a group home 1 ½ miles away.
b. The property lies in an agricultural district.
c. There is a fundamentalist church three blocks away.
d. The former owners were divorced - ANSWER-B: If property is in an
agricultural district buyer must be informed.
The commission to be paid in a written listing
Agreement is the
a. rate set by law
b. amount of money over the net listing amount.
c. Customary rate in the area.
d. Percentage of the sales price as negotiated and agreed or a flat fee. - ANSWER-
D: The broker's fee is specified in the listing agreement, management agreement,
or rental agreement with the principal and is always subject to negotiation.
The relationship between an agent and his or her
Principal is
a. Fiduciary.
b. Alluvial.
,c. Allodial.
d. Executory - ANSWER--A: The agency relationship is always consensual,
meaning both parties enter into it willingly. It is also a fiduciary
If you are selling a house in New York, it is necessary to disclose that
a. There is a utility surcharge.
b. The former owner committed suicide.
c. The train station is eight miles away.
d. A shopping center is the nearby town is closing. - ANSWER-A: If a Utility
surcharge is assessed shall provide written notice to the prospective purchaser
Seller is legally required to reveal to a buyer anything seller knows about
a. Crimes committed on the property in the past three years
b. How much seller paid for the house.
c. Repairs that have been made to a roof leak.
d. Lead paint hazards on the property. - ANSWER-D: Sellers and Landlords shall
disclose any lead paint they have knowledge of
To create an agency relationship, it is necessary that
a. A listing contract be registered with the DOS.
b. The principal and agent sign a written agreement.
c. The principal pay the agent's fees.
d. The parties act as principal and agent. - ANSWER-D: The person who selects
the agent to act on his behalf is the principal or client.
, If you are a salesperson working with a buyer, then the buyer is your client:
a. if you are servicing the buyer
b. if the buyer has shared financial information with you
c. if you have an agency contract with the buyer
d. none of the above - ANSWER-C: The obligations of a buyer's agent are also
subject to any specific Provisions set forth in an agreement between the agent and
the buyer
-The type of listing illegal in New York State is a (n)
a. Net listing.
b. Exclusive agency.
c. Exclusive right to sell.
d. Open listing. - ANSWER-A: Net Listing This type of commission arrangement
is illegal in New York.
A licensed salesperson or broker associate acting as an independent contractor
must:
a. be paid based upon sales and output
b. execute a written independent contractor agreement yearly with the broker
c. receive half of her health care premium paid by the broker
d. both a and b - ANSWER-D: Compensation is paid only for output. Law also
requires a written agreement, executed by both parties
A salesperson sells another firm's listing of a commercial building for $462,500.
The 7 percent
WITH 100 QUESTIONS AND EXPERT-
VERIFIED CORRECT ANSWERS |
ALREADY GRADED A+ | NY REAL
ESTATE LATEST EXAM
An agent who has the authority to represent the principal in specific matters is a(n):
a. specific agent
b. general agent
c. unlimited agent
d. special agent - ANSWER--B: A general agent has specific authority in
representing owners.
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she
sells the
Property herself without involving Sun City, She will owe Sun City
a. Half of the commission.
,b. All of the commission.
c. No commission.
d. Only reimbursement for Sun City's expenses. - ANSWER-C: With the Exclusive
Agency the owner owes no commission.
15-When selling a property in New York, the Licensee is required to disclose to a
potential
Buyer that
a. There is a group home 1 ½ miles away.
b. The property lies in an agricultural district.
c. There is a fundamentalist church three blocks away.
d. The former owners were divorced - ANSWER-B: If property is in an
agricultural district buyer must be informed.
The commission to be paid in a written listing
Agreement is the
a. rate set by law
b. amount of money over the net listing amount.
c. Customary rate in the area.
d. Percentage of the sales price as negotiated and agreed or a flat fee. - ANSWER-
D: The broker's fee is specified in the listing agreement, management agreement,
or rental agreement with the principal and is always subject to negotiation.
The relationship between an agent and his or her
Principal is
a. Fiduciary.
b. Alluvial.
,c. Allodial.
d. Executory - ANSWER--A: The agency relationship is always consensual,
meaning both parties enter into it willingly. It is also a fiduciary
If you are selling a house in New York, it is necessary to disclose that
a. There is a utility surcharge.
b. The former owner committed suicide.
c. The train station is eight miles away.
d. A shopping center is the nearby town is closing. - ANSWER-A: If a Utility
surcharge is assessed shall provide written notice to the prospective purchaser
Seller is legally required to reveal to a buyer anything seller knows about
a. Crimes committed on the property in the past three years
b. How much seller paid for the house.
c. Repairs that have been made to a roof leak.
d. Lead paint hazards on the property. - ANSWER-D: Sellers and Landlords shall
disclose any lead paint they have knowledge of
To create an agency relationship, it is necessary that
a. A listing contract be registered with the DOS.
b. The principal and agent sign a written agreement.
c. The principal pay the agent's fees.
d. The parties act as principal and agent. - ANSWER-D: The person who selects
the agent to act on his behalf is the principal or client.
, If you are a salesperson working with a buyer, then the buyer is your client:
a. if you are servicing the buyer
b. if the buyer has shared financial information with you
c. if you have an agency contract with the buyer
d. none of the above - ANSWER-C: The obligations of a buyer's agent are also
subject to any specific Provisions set forth in an agreement between the agent and
the buyer
-The type of listing illegal in New York State is a (n)
a. Net listing.
b. Exclusive agency.
c. Exclusive right to sell.
d. Open listing. - ANSWER-A: Net Listing This type of commission arrangement
is illegal in New York.
A licensed salesperson or broker associate acting as an independent contractor
must:
a. be paid based upon sales and output
b. execute a written independent contractor agreement yearly with the broker
c. receive half of her health care premium paid by the broker
d. both a and b - ANSWER-D: Compensation is paid only for output. Law also
requires a written agreement, executed by both parties
A salesperson sells another firm's listing of a commercial building for $462,500.
The 7 percent
